RALEIGH, N.C., April 27, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Middle Market Banking business provided $16 million in financing to FitLife Brands, Inc., a provider of innovative and proprietary nutritional supplements headquartered in Omaha, Nebraska.
The financing includes a $12.5 million term loan for FitLife's strategic acquisition of Mimi's Rock, an e-commerce wellness company that owns brands in the nutritional supplement and skin care sectors, as well as a $3.5 million working capital revolving line of credit.
"First Citizens Bank provided expert guidance and knowledge in arranging financing to support our acquisition of Mimi's Rock," said Dayton Judd, CEO at FitLife Brands. "We appreciate their partnership during this milestone moment for our company."
"We're pleased to strengthen our relationship with FitLife through this acquisition financing, which was arranged by our team of experienced middle market bankers in the Midwest," said Brendan Chambers, managing director and group head of First Citizens Middle Market Banking.
"We look forward to future opportunities to work with FitLife as they continue to expand their product offerings and grow in international and domestic markets," Chambers added. "We are proud to support middle market companies throughout the Midwest with our expertise and agility in arranging a wide range of financing options."
First Citizens Middle Market Banking delivers a range of financial solutions to midsize clients through a relationship banking model. The business offers deposit solutions, loans, treasury services and other banking products to manufacturers, distributors and a wide variety of service industries.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, First Citizens Bank has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 550 branches and offices in 23 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; and a nationwide direct bank. First Citizens Bank, Member FDIC. Discover more at firstcitizens.com.
SOURCE First Citizens Bank
News releases on this website are for archival purposes. Our news releases are believed to be accurate as of the date they are issued. However, they may become outdated over time, and should not be relied on as correct after their issue date.
Bank deposit products are offered by First Citizens Bank. Member FDIC and an Equal Housing Lender.